“III National Accountants Forum” is organized by ASK

Today, “III National Accountants Forum” was held in Baku Business Center. At the opening remarks the President of the Azerbaijan Entrepreneurs Confederation Mr. Mammad Musayev welcomed the guests as the initiator and organizer of the forum.

Musayev noted that despite the negative impacts of the global crisis in recent years, Azerbaijan managed to maintain its pace of economic development. He added that Mr. President’s recommendations and guidelines on increasing transparency in the financial sector and strengthening the fight against corruption and increasing the cost effectiveness in the country are extremely important in modern conditions.

According to the President of the Confederation, a forum that brings together nearly 250 financial professionals and accountants from more than 100 companies creates an excellent opportunity for networking and sharing their experiences with each other.

“I hope that participants of the Forum will discuss the national approaches in the field of accounting, application of international financial reporting standards, digital accounting, the problems of organizing of audit in Azerbaijan reality, changes in the legislation in the field of accounting, tax legislation and administration, challenges of the modernization of accounting software in commercial organizations, the role of certification in this field, and many other relevant topics”.

M.Musayev said that Azerbaijan Entrepreneurs Confederation is constantly working to increase the financial literacy of entrepreneurs. The Confederation is actively involved in the process of creating a more favorable business environment and ensuring sustainable development through public-private partnership in the country.

“Confederation closely cooperates with the Chamber of Auditors of the Republic of Azerbaijan to ensure the application of international and national standards in the preparation and submission of financial statements. We regularly involve accountants in the trainings on these topics.

Today, the Confederation jointly with Financial Markets Supervisory Authority and Baku Stock Exchange conducts awareness-raising events on entrepreneurs’ access to finance through the stock market.. It’s no secret that one of the key requirements for financing through capital markets is to provide financial reporting, transparency and disclosure. One of the requirements of the Chamber against companies seeking to issue securities is to disclose reports and a number of legislative data. Disclosure of such information also gives a broad idea of the company’s activity to investors who make an investment decision. On the other hand, the transparent operation of companies creates unlimited opportunities for them and they become more competitive, also easily could find an international partner and increase the positive image in society”.

As a result of our successful collaboration with the Ministry of Taxes, the ASK President shared his vision of conducting the next event in a wider format, given the growing interest in the Third National Accountants Forum.

“I believe that such forums will help the entrepreneur find answers to many questions that arise during the preparation of financial and tax reporting,” he said.

Advisor to the Minister of Taxes Khagani Abdullayev underlined the great work of the accountants in the establishment of the accounting system and noted that the salary fund in the non-oil sector increased by more than 19% as a result of changes in “Tax Code”.

According to Kh. Abdullayev, in the first four months of this year, social payments on non-budget organizations increased by 16% in the country. He said he hopes that his agency would be able to build closer partnerships with taxpayers.

Advisor to the Minister of Taxes said that the main objective of the Ministry of Taxes is to reduce the specific weight of the shadow economy, increase the economic effectiveness of transparency and tax incentives, establish tax administration at the most modern level and maximize protection of the rights of taxpayers.

Kh. Abdullayev added that “In the first four months of this year, tax revenues increased by more than 9% compared to the same period last year. We have fulfilled tax forecast by 111.7%. One of the positive trends is that the revenue from the non-oil sector exceeded 18%, and the forecast was fulfilled at 116%. Growth rate in tax revenues doubled GDP growth rate in the non-oil sector. In general, the share of non-oil sector in tax revenues over the 4 months increased from 62% to 67% compared with the same period last year. One of the positive trends is the increase in tax revenues from the private sector of the non-oil sector by more than 22%”.

The Minister’s Advisor also said that there was a particularly high growth rate for some types of payment: “Non-oil sector VAT revenue increased by more than 22%. This is due to the increase in turnover subject to VAT. Excise taxes were up 32%, more than four times the excise tax on the non-oil sector. There was an increase of 39% on non-oil profits”.